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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #9,021
  • Feb 6, 2008 10:23pm Feb 6, 2008 10:23pm
Quoting findcount
i've just started to go through this MASSIVE thread right from the beginning (though i've read this thread in bits and pieces previously).

so from what little i've gone through, am i right to say with all confluences being constant it would appear that the 'PinBar' and 'Double/Triple Bar HiLo Close' which is sort of like a 2/3-Bar PinBar seems to be most reliable ?

i understand that these formations are best traded off the Daily or 4 Hour timeframes but has anyone tried them with any degree of reliability on lower timeframes like the 1 Hour or 3 Hour (an Oanda anomaly) ?

most sorry if all these questions had been asked before..........many thanks.
One isn't really more reliable then the other. Most people tend to gravitate towards pinbars. For good reason. But it is always where these bars are appearing.

As for lower timeframes, yes PA works on all timeframes, but one must understand the different dynamics that comes along with each timeframe. The higher the timeframe the more reliable PA is. Less noise. Many people including myself trade off the lower timeframes(I am a big fan of the 4hr). But this was after doing it on the daily/weekly.

With that said, James recommends, and I highly agree that one should be able to trade PA on the higher timeframes daily/weekly before venturing lower.

Glad you are digging into this thread James started quite a beast here

have a good one

Mike
  • #9,022
  • Feb 7, 2008 12:28am Feb 7, 2008 12:28am
Quoting mbqb11
One isn't really more reliable then the other. Most people tend to gravitate towards pinbars. For good reason. But it is always where these bars are appearing.

As for lower timeframes, yes PA works on all timeframes, but one must understand the different dynamics that comes along with each timeframe. The higher the timeframe the more reliable PA is. Less noise. Many people including myself trade off the lower timeframes(I am a big fan of the 4hr). But this was after doing it on the daily/weekly.

With that said, James recommends, and I highly agree that one should be able to trade PA on the higher timeframes daily/weekly before venturing lower.

Glad you are digging into this thread James started quite a beast here

have a good one

Mike
many thanks for the prompt reply, Mike...........

the reason why i think i'll only aim for the 1/2 bar PinBar and the Double/Triple Hi/Lo close are they are more obvious to my eyes since i'm switching between candlesticks and the OHLC Bars........i'm more used to the 'fatter' candlesticks for the reversal patterns like the 'morning/evening stars' while the OHLC Bars are better for the PinBars and T/DHLC Bars.

recently i tried one trade where there were at least 3 bars with near identical lows and then went short when the fourth bar broke to the downside by a lot and closed. i was up 25 pips and was sure it would move more but in the end got busted !

last few weeks has been very bad for me as i would be doing the same thing and would be up at least 15-20 pips and then the thing would reverse ! now, i'm determined to close out before the Dow Jones opens as it seems many pairs are more 'responsive' to the Dow than usual (at least to me).

lastly, i'm using Alpari for their 4Hr charts so i might get Pinbars on 4Hr and Oanda's oddball 3Hr charts........2 trades !:

thanks again, Mike.
  • #9,023
  • Feb 7, 2008 2:25am Feb 7, 2008 2:25am
Quoting findcount
recently i tried one trade where there were at least 3 bars with near identical lows and then went short when the fourth bar broke to the downside by a lot and closed. i was up 25 pips and was sure it would move more but in the end got busted !

last few weeks has been very bad for me as i would be doing the same thing and would be up at least 15-20 pips and then the thing would reverse ! now, i'm determined to close out before the Dow Jones opens as it seems many pairs are more 'responsive' to the Dow than usual (at least to me).
Welcome to currency trading!

When playing breakout trades be careful. There is a LOT of stop running in this market. A large reason why most here recommend larger time frames.

Remember break outs are old news. Insiders have strategies that take advantage of this age old TA technique.

Your mission (should you choose to accept it), is to develop skills that take into account this dark side of the force.

Break out strategy: After a break, wait for a return to that support/resistance zone. Play any confirming price action in the direction of the break. You'll miss oppurtunities doing this, but it's all about protecting your capital first. Besides you'll often get a second chance to get in on a pullback, or even a second return to the line on a larger time frame.

Example:

Pull-back trade.

You'll have a really good feature to base your stop loss against (and give a few pips extra room too. Don't be greedy

...AND Breaks of Double/Triple bottoms and tops ARE more successful in the right circumstances. i.e. With the trend and not too close to possible resistance/support areas where you're up against large groups of traders expecting reversals. Studying the larger time frames before placing a trade can give you insight here.

Don't give up!

It takes a lot of demoing and trading to get a handle on the booby traps here. Mines every where.
Bundy's status today: "Waiting..."
  • #9,024
  • Feb 7, 2008 5:22am Feb 7, 2008 5:22am
Quoting saskgui
Nice chart. Looks easy, sounds easy.... but it ain't easy. Well i guess the eur/usd daily chart has been obeying the guidelines of price action recently however there are an equal amount of examples in my view where a pair has ingnored PA and gone it's own path. For me at this point it all comes down to discretion... which PA trade did you take and why? And why did you not take certain other PA setups?

In the end it is not a matter of finding PA on charts but taking either a select few that appeal to you. How you choose which ones is still a mystery to me. Stupid discretion...

Hi Saskgui,

Yes I do have same problem with you, try to analyse which PA that will have good result and which one don't.
But maybe what SL said that we only trade according to trend is right.

I see several PA Set Up that against trend is usually have negatif result.


USD-CHF
We can see that there is PB and BUOB in support area.
But the trend is down. So no trade.

USD-JPY
There is PB or BUOB in support area(according to Trend Line)
but the trend is down.
So no trade

EUR-CHF
After I saw mike post, I trade this one.

Looks great set up : PB with Long nose and alot confluences (support, TL, 365 MA)
But again the trend is Down, because of Head & Shoulder if you ask me why the trend is down.
So No Trade

DJ Futures
Trend is Down and there is PB on 30 Jan, but PB in Traffic.
So No Trade.
If you trade IB on 4 Feb, you know the result.

EUR-USD
If you only trade with the trend then you only trade PA on 22 Jan.
You don't trade 15 Jan or 1 February Set UP.


BTW this is just my early opinion. Don't take it very seriously.

May be someone can add something.
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  • #9,025
  • Feb 7, 2008 6:02am Feb 7, 2008 6:02am
I am watching swissy,
on the daily we had an IB yesterday which has broken (just)to the downside, also on 1 hr we have a tbl which could signal a continuation of the drop if we fall through 1.0938, I will watch to see if 4hr has the same signal...take care, Raz
Never say never.
  • #9,026
  • Feb 7, 2008 7:52am Feb 7, 2008 7:52am
Quoting razldazl
I am watching swissy,
on the daily we had an IB yesterday which has broken (just)to the downside, also on 1 hr we have a tbl which could signal a continuation of the drop if we fall through 1.0938, I will watch to see if 4hr has the same signal...take care, Raz
Wow,
there is a lot to be said for trading off the higher timeframes and waiting for confirmation, look at the change...the daily IB has now broken to the top as well, so if we close higher this will be a daily buob, ditto on 4hr...
Never say never.
  • #9,027
  • Feb 7, 2008 8:32am Feb 7, 2008 8:32am
Quoting razldazl
Wow,
there is a lot to be said for trading off the higher timeframes and waiting for confirmation, look at the change...the daily IB has now broken to the top as well, so if we close higher this will be a daily buob, ditto on 4hr...
Would you recommend entering at this level because the price is also at a resistence?
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  • #9,028
  • Feb 7, 2008 8:45am Feb 7, 2008 8:45am
Quoting raczekfx
can we go back to 12100...?
we got 12100, do we get a pb now...?
it's make it or break it.....
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  • #9,029
  • Feb 7, 2008 8:49am Feb 7, 2008 8:49am
Quoting raczekfx
pin off the ppz... back to another price pivot...
LOL... pb off the lowest ppz
where are we heading...
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  • #9,030
  • Feb 7, 2008 9:02am Feb 7, 2008 9:02am
Interest rates are being cut
Retail sales is not good.

Not sure why Dollar is going high?

Am I missing something basic?

Thanks

TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #9,031
  • Feb 7, 2008 9:10am Feb 7, 2008 9:10am
Quoting razldazl
Wow,
there is a lot to be said for trading off the higher timeframes and waiting for confirmation, look at the change...the daily IB has now broken to the top as well, so if we close higher this will be a daily buob, ditto on 4hr...
I think we should wait IB near resistance to trade short in which I cannot see near resistance today.

Quoting TradeStar
Interest rates are being cut
Retail sales is not good.

Not sure why Dollar is going high?

Am I missing something basic?

Thanks

TradeStar
This is why we trade PA not FA
  • #9,032
  • Feb 7, 2008 9:20am Feb 7, 2008 9:20am
what's next.. a DB or 91..?
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  • #9,033
  • Feb 7, 2008 9:38am Feb 7, 2008 9:38am
I understand that you guys are using pivots for S/R, but are they weekly or monthly pivots on those daily charts?
Hindsight is 20/20
  • #9,034
  • Feb 7, 2008 9:48am Feb 7, 2008 9:48am
i know one of the others would jump in eventually cos but since i worry about people confusing these please allow me. when you see someone say pivot zone they are not necessarily referring to classic pivot points or floor trader pivots. its a term i use for flips in support and resistance over time. sometimes they do line up with a floor trader pivot. ( im old school so thats what i call them), but price pivot zones are my term for this phenomenon. i will post a couple of charts. been a while since ive done that here .

jim




Quoting cosgrove
I understand that you guys are using pivots for S/R, but are they weekly or monthly pivots on those daily charts?
  • #9,035
  • Feb 7, 2008 9:54am Feb 7, 2008 9:54am
yes..it's been a while.Please..anything from u usually taste good Jim.
  • #9,036
  • Feb 7, 2008 9:56am Feb 7, 2008 9:56am
pivot zones. they are not a defined single pip values but have a range of width based on time frame. many times they are almost to the pip and easy to see and sometimes not.
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  • #9,037
  • Feb 7, 2008 10:07am Feb 7, 2008 10:07am
pivot zones and price action for confirmation. dump your freakin indicators and moving average cross systems they kill 99 percent of all traders. trending markets make any system work but all markets spend most of there time in consolidation and consolidation is the system killer. after some practice this material makes trading consolidation areas easy. simplicity, focus, discipline, practice,common sense and a true business like approach and you might make it. might.
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  • #9,038
  • Feb 7, 2008 10:11am Feb 7, 2008 10:11am
One of my favorite trades...
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Mr. Trend
  • #9,039
  • Feb 7, 2008 10:16am Feb 7, 2008 10:16am
chart
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  • #9,040
  • Feb 7, 2008 10:24am Feb 7, 2008 10:24am
chart
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